#SouthKorea to #invest $66 billion to create a #start-up #hub
South Korea will invest $65.9 billion ( 80 trillion won) on startups in 2016. Startups and business focusing on IT, robotics, bio, health, smart cars, energy and new materials will qualify for assistance. The Ministry of Science, and other related government agencies made the announcement.
8 trillion won of the budget will be direct investments, while it will loan 49 trillion won and stand surety for 23 trillion won.
The ministry will continue its Center of Creative Economy and Innovation (CCEI) program, which runs startup incubators with support of local conglomerates such as Samsung and LG, to foster local talent.
The investment will help create a startup hub in Pangyo and help them expand abroad. Foreigners and foreign startups will also be invited and get financial and administrative assistance.













